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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a sharp sell-off in the cryptocurrency market, XRP dropped 2.8% on heavy volume, according to CoinDesk reports. The token failed to reclaim prior resistance levels, reinforcing bearish pressure and turning traders' attention to the critical $1 support level.
The move comes as the broader crypto market weakens, with Bitcoin and Ethereum also declining. Analysts note that the high trading volume strengthens the bearish signals, increasing the likelihood of testing the $1 level in upcoming sessions.
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Sign InTraders are now focusing on the psychological $1 support level; a break below could accelerate losses toward lower levels. With no near-term positive catalysts, the downtrend is likely to persist in the short term, as markets await any regulatory developments or news from the Ripple network.